From Zerohedge.com:
Confused by the latest developments, headlines, stories, counterstories, denials, counterdenials and rumors, but mostly prayers out of Europe? Here is your one stop shop of everything that has transpired in the Eurocrisis most recently.
Mostly via Citi:
- According to Bloomberg, Merkel hardened her opposition to joint debt sharing in the euro region as President Barack Obama singled out Europe’s leaders for not doing enough to arrest the financial crisis: “under no circumstances” would she agree to Germany-backed euro bonds. Some “come along and ask for euro bonds, saying all we need are equal interest rates and everything will turn out all right,” Merkel said in a speech to members of her Christian Democratic Union in Berlin yesterday. Instead, what’s needed is an economic overhaul to tackle the lack of competitiveness in Europe, she said.
- Dow Jones reports Spanish PM Mariano Rajoy saying that solutions for the Eurozone crisis will start to be found soon. “Spain is a factor in this situation, but one of many… I have good reasons to say that these problems of the monetary union are going to start to be solved in not very much time,” he said in a televised speech. Continue reading
The news concerning the collapse of the Euro and the Euro zone has been non-stop. After 21 Greek bailouts, you would think that the boy who cried wolf would be ignored. Well, actually the world’s economic community has ignored the warning signs for the European contagion that is about to become a pandemic. Olli Rehn is the top economic official for the European Commission. When he comes out with a warning that stronger measures need to be done to prevent bank runs, it is time for the world to listen. This is no longer a case where governments are posturing for more time and money. When the Euro collapses, the US will follow within five banking days.
